Gyft Opens Bitcoin Acceptance to 50,000 Merchant Locations

Through a partnership with Bitcoin payment processor BitPay Inc., Gyft now accepts bitcoins for its mobile gift card product. This extends the virtual currency's reach to more than 50,000 retail locations. "The biggest issue with Bitcoin to date is: Where do you spend these bitcoins?" says Vinny Lingham, CEO of Gyft. With its approximately 200 retailer relationships, including Burger King, Lowes, American Eagle and Nike, Gyft gives Bitcoin users more options. Gyft supports Bitcoin purchases only on the Android platform. Vinny Lingham The Bitcoin currency is designed to be a digital alternative to cash. A few high-profile companies, including WordPress and Reddit , accept bitcoins directly, but most merchants do not. BitPay's arrangement with Gyft "opens the door to let people that have bitcoin spend them at major retailers," says Tony Gallippi, co-founder and CEO of BitPay...